Largest renewables deal in Italy: Hogan Lovells advises banks on financing package supporting EIP’s investment in Eni Plenitude

EIP, a leading investor in the energy transition based in Switzerland, signed an agreement on behalf of its clients in 2023 to acquire a minority stake in ENI’s energy transition company Plenitude. 

Eni launched Plenitude in 2021 as a cornerstone of its decarbonization strategy. With EIP as a shareholder, the company intends to more than double its installed renewable generation capacity to 7 gigawatts, add 10,000 new charging points for a total of 30,000, and expand its earnings before interest, taxes, depreciation and amortization to EUR 1.8 billion, nearly three times its level in 2022.

Hogan Lovells has advised the banks on all aspects of the financing package with a cross-border team across Italy, Germany, Luxembourg and London.

Carla Luh, Head of the German finance practice said:

"We are very proud to have contributed to this milestone transaction. As always, our highly specialised team was able to work across borders and practice groups to ensure that all legal aspects of this financing were flawlessly managed and a successful financial close was achieved for all parties. Congratulations to all parties involved!"

Hogan Lovells team for the banks

Dr Carla Luh (Partner), Mauro Saccani (Partner), Dr Alexander Wandt (Counsel), Kathy Chang (Senior Associate), Federico Pappalettera, Julian Schulz (Associates), Giovanni Quaggiotti (Trainee) (all Finance/ Infrastructure);

Luca Picone (Partner), Gianluca Ceci (Associate), Lorenzo Bertola (Trainee) (all Corporate);

Serena Pietrosanti (Head of Tax – Italy), Maria Cristina Conte (Counsel) (all Tax);

Sebastian Oebels (Counsel, Finance);

Valérie Laskowski (Senior Associate), Carla Valdés Cortés (Associate) (both Finance);

Edward Fear (Senior Associate, Finance);

Gerard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), Grâce Mfuakiadi (Associate) (all Tax).